201603972 - Laserfiche WebLink

Browse

2� 1 ��3972 con�inue ta pay �a Lender�he amount of�he separa�ely des�gna��d pa�ments tha�wer�du�when t��e insurance coverage ceased �fl be in�ffec�. Lender wi�l accept, use and r��ain these payments as a non-refundabXe��ss reserve in��eu of Mortgag�Insurance. Such loss r�ser�e shall l�e non-refundable, no�w��h��anding th�fa�t�hat�he Loan�s ultimatel�pa�d�n ful�, and Lender shall not be r�quired��pay Borrower any in�erest or earnings on such Ioss reser�e. Lender can na longer require loss reserve pa�men�� zf Mortgage Insurance co�erage��n the amount and far�he peri�d that Lender requ�res}pro�ided b� an insurer se��ct�d by Lender again�ec�mes a�ailabie, �s obfained, and L�nd�r r�quire�separately designated pa�ments t�ward�he premiums for Mor�gage Insurance. �f Lender required Mortgag��nsurance as a conditxon of making �he Loan and Borrower was required�a make separate�y designa�ed pa�rmen�s�oward the pren�unr�s for Mor�gag��nsurar�ce, Borrovv�r shal� pay�he premiums required to ma�n�ain Mortgage Insurance in�ffec�, or to pro��de a non-refundable Ioss reser�e, un��l Lend�r's requirement for M�rt�a�e �nsurance ends in accordance w��h any v�rit�en agr�erne��t�e�ween Borrower and Lender providing for such t�rnuna��on or unt�l�ernv.nat�an�s require�by Appli�a�Ie Law. Noth�ng �n this 5�c�ian 1�affects Borrawer's ob�igat�an�o pa�interes�a�the ra��ra�r�ded in the No�e. Mortgage �nsurance re�mburses Lender�ar any en��t�that purchases the Nate} for�er�ain losses xt ma� incur if Borrov�+�er do�s nat repay the Loan as agreed. Borrower�s not a party to�he M�r�ga��Insurance, Mor�gag� �nsurers evalua�e their to�al r�sk on a1�such insurance�n force fr�m time�o t�me, and may en�er �nto agreemen�s wi�h other par�xes tha�share or modify�heir risk, or reduce l�sses. These agreements are fln terms and cond�tions�haf are safisfactor� to the mar�gage insurer and the other par�y ��r par�ies} to these agreements, These agreements may require the m�r�gage insurer to ma�e payments usir�g an� sour�e af funds that�he martgage insurer may have available (which ma}� inc�ude funds o�tained from Mor�gage Insurance prem�iums}. As a r�su��f�hese agreements, Lender, an�purchas�r of the Note, another insurer, any reinsurer, any ather entity, �r any affiliat�of an��f the fQr�go�ng, may rece�ve�d�rect�y or�ndire�t�y} amounts that deriv� from �or migh�be characterized as} a por�ion�f Barra�ver's payments f�r Mor�gage Ynsurance, in ex�hange far sharing or modifying the mor�gage insurer's r�sk, or reduci�g losses. If such agreement provides tha�an aff�iia�e of Lender�akes a share of�he insurer's risk in exchang�f�r a share�f the pr�miums paid to the insurer, �he arrangement is�f�en�ermed "capti�e r�insurance." Fur�her: �a} Any such agrcements wii�nat affec�the amoun�s that Bnrrower has agreed to pay far Mortgage Insurance, ar any other terms of the Laan. Such agreemen�s wil�not�ncreas�th�amount Borrawer wi��owe for Mortgage Insurance, and they w��not entitie Barrower to any refund. �b� Any such agreement�w��not affect the rights Borrower has w�F any-w�th re5pect to the N.iortgage Insurance under the I3omeowners Protec�ian Act of 1998 or any ather�aw. These r�ghts �nay include the right to receive cer�ain disclvsures, to reques�and ob�a�n cance�la�ion of�he �Vlor�gage Insurance, to have�he Mortgage In�uran�e term�nated automat�cally, andlor to receive a refund of any Martgag�Insurance prem�urnEs that were unearn�d at the��me of such canceiia�ion or�ermina�ion. �'I. Assignrnent of Miscellanevus Proceeds; Fc�rfei�urs. A1� M�sce��aneous Proceeds are hereby assigned to and sha��be pa�d tfl L�ender. Xf the Property xs damaged, such Misc��aneaus Proceeds shail be appl��d �o restora�i�n�r repair of the Proper��, if the restora�ion or repair is econom�cal�� feas�ble and L.ender's secur�ty �s no� �essen�d. During such repair and restoration per�od, Lender sha�I ha�e�he r�gh� �o hold such Misce�laneous Praceeds until Lender has had an oppartunity to 'rnspect such Property�o ensure�he�vork has been comple�ed t� Lender's N�BRASKA-Single Famiiy-�annte MaelFreddie Mac UNlFQRM lNSTRUM�NT ��rm 3a28 11�i VMP� VMP6(NE}{#3a2f Wolters Kl�swer financial 5er�i�es Page 9 0#17